On Saturday, Reliance Industries said in a regulatory filing that Reliance Retail Ventures Limited would be acquiring the retail, wholesale, logistics & warehousing businesses of Future Group for a lumpsum aggregate consideration of Rs. 24,713 crore.
According to the BSE filing, "The above acquisition is being done as part of the Scheme in which Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL)".
It also provides a breakdown of the acquisition details.
In recent months, the Mukesh Ambani led company has seen massive investments - totaling Rs 1,52,055.45 crore in Jio Platforms Limited. Reliance has sold a 32.84% stake in the telecom firm to companies such as Google, Facebook, Silver Lake Partners and Qualcomm.
Soon after, it was reported that Ambani was on a shopping spree for online retailers. There have been reports that Reliance Industries was in discussions to acquire or buy stakes in furniture outlet, Urban Ladder, lingerie brand, Zivame, and online pharma store, Netmeds.
The Future Group's Retail basket incidentally comprises of Big Bazaar and its Fashion brand, Food Hall, and Central. Earlier reports had said that other units in the deal are Future Lifestyle Ltd and Future Supply Chain Solutions.